Piper Sandler analyst Matthew Clark reiterated an Overweight rating and $92.00 price target on Western Alliance Bancorporation (NYSE: WAL).

The analyst commented: "Management already telegraphed its plan to show how it is able to consistently out-grow the competition through various cycles in a deliberate and prudent manner, so look for WAL to do a deep dive on its differentiated loan and deposit verticals where it has meaningful market share. We expect WAL to update us on the progress it is making to diversify away from its concentrated and more costly ECR deposit portfolio. Its disciplined approach to credit will likely be a focus to reassure the market after its recent two fraud losses. Capital allocation with potential RWA relief on the horizon will also garner attention. Management succession planning would be of interest as well. We believe the WAL story needs to become cleaner, more consistent, and less difficult to model to attract investor interest."

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Shares of Western Alliance Bancorporation closed at $79.85 yesterday.